The LA Deal Sheet
As part of a major expansion into the U.S., Australia-based Body Fit Training has signed its first flagship location in Los Angeles.
Body Fit Training, a fitness company, has signed a lease with Douglas Emmett to occupy 3K SF of retail space at 401 Wilshire Blvd. in Santa Monica. Terms of the deal were not disclosed.
Avison Young’s Blake Olson and Chandler Larsen represented Body Fit Training. The two brokers are also serving as the Australian company’s exclusive U.S. representatives. Olson and Larsen will be responsible for site selection and leasing efforts.
The fitness franchise plans to open dozens of locations in urban markets across the nation over the next 12 months, according to Avison Young officials.
Body Fit Training is planning to open its Santa Monica location in October.
SALES
An entity of Los Angeles real estate investor Paul Minoo’s 4M Investment Corp. has acquired a Class-A 76,500 SF office building in Calabasas from Valley Crest for $24M. Built in 2004, the office building at 24151 Ventura Blvd. sits on a 17-acre campus and has views of the Santa Monica Mountains. Lee & Associates’ Mike Tingus, Grant Fulkerson and Jonathan Bruce represented the seller.
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A private investor has purchased a 178-unit multifamily community in Riverside from Klingbeil Capital Management for $53.5M. The Canyon Crest Views Apartments at 5253 El Cerrito Drive feature a mix of two- and three-bedroom townhomes with two-car garages. Berkadia’s Jeff Rowerdink, Joe Leon, Jim Fisher and Mike Smith represented the seller.
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Dalan Management has purchased a 197-unit multifamily community in San Bernardino from FPA Multifamily for $37.4M. Built in 1988, The Vue Apartment Homes at 1660 West Kendall Drive is within walking distance to California State University, San Bernardino. CBRE’s Stew Weston, Dean Zander and John Montakab represented the seller.
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KVL Partners has purchased a 63K SF medical office building in Reseda from JD Investments for $10.7M. The West Valley Medical Square at 19231 Victory Blvd. is composed of two medical office buildings on 2.05 acres. The South Plaza is a two-story 26K SF office building. The North Plaza is a five-story 37K SF building. Marcus & Millichap’s Brandon Michaels and Lior Regenstreif represented the seller and buyer.
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RCCA has purchased a 55,400 SF shopping center in Palmdale from a JV of Anderson Shopping Center and Waranch Shopping Center for $10.9M. Built in 1991, the Rancho Vista Plaza at 3011 Rancho Vista Blvd. is 89% occupied. Marcus & Millichap’s Brandon Michaels represented the buyer and seller.
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A San Jose-based investor has purchased a single-tenant, 2,250 SF retail building in the Inland Empire from a private investor for $2.26M. Built in 2008, the property at 501 East Fifth St. is occupied by a Popeyes Louisiana Kitchen. Popeyes has a 20-year, triple-net lease with 18 years remaining. Progressive Real Estate Partners' Greg Bedell represented the seller. Hipwell Real Estate’s Cindy Hipwell represented the buyer.
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Roadside Business Center has acquired a 23K SF office building in Agoura Hills from Mage Investments for $4.75M. Built in 2004, the office building at 28348 Roadside Drive is two stories and has 11 office suites. Marcus & Millichap’s Brandon Michaels and Lonnie McDermott represented the buyer and seller.
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A private investor has purchased an eight-unit apartment building in West Hollywood from an international seller for $2.78M. Built in 1960, the property sits on a 5,737 SF lot at 536 North Orlando Ave. The building sold for a little over $347K/ unit. Marcus & Millichap's Jordan Asheghian and Tony Azzi represented the seller.
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OTHER NEWS
R.D. Olson Construction has completed a 401-bed, 123,500 SF student housing project at Chapman University. Designed to reflect the historic charm of Old Towne Orange, the four-story, 110-room building called The K will serve Chapman’s students starting in the fall semester. This is the fifth project R.D. Olson has completed for Chapman University in the past five years. Togawa Smith Martin, AC Martin, Miyamoto International, Linwood Engineering Associates, DRC Engineering and Bennitt Design Group were all part of the project.
EXECUTIVE NEWS
Troy Wooton has joined Newmark Knight Frank as senior managing director of its Orange County office. At NKF, Wooton will be responsible for handling sales and leasing for industrial and flex properties within the John Wayne Airport and South County submarkets. Prior to joining NKF, Wooton founded and served as managing principal at BroadStreet Real Estate Group.
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JLL has hired Rustin Mork and Danny Reaume as senior vice presidents. Mork and Reaume will be based in the company’s downtown Los Angeles office. The two will specialize in advising occupiers, investors and developers in the San Gabriel Valley market. Prior to joining JLL, Mork served as a director at Binswanger Realty Advisory Group and Reaume worked as a director at Realty Advisory Group.
